Punggol GLS top bid at 354psf after CM5
SINGAPORE : A Government Land Sales site in Punggol has received a top bid of $206.2 million.
The public tender closed on Thursday with 13 bids received.
Wee Hur Development is the top bidder for the Punggol Central site.
Opal Star put in a bid of $200.88 million and Lum Chang Building Contractors, $198.42 million.
This is the first condominium site tender to close since the latest property cooling measures were announced on 7th December.
Nicholas Mak of SLP International Property Consultants notes that Wee Hur's bid is 13.2 percent lower than a nearby (A Treasure Trove) sold in 2010.
He says the bid reflects an increased level of caution, mainly due to the perception of higher risk in 2012.
=> it is interesting that FEO never put in a bid to defend their Watertown, 350psf could translate to selling price of just 800psf ... ATT / Watertown / Luxurie going to die pain pain if Wee Hur spoils the market .. note most bids are between 300-340psf which may give future indication of how much developers are willing to pay
Ride at your own risk !!!